2017 hasn’t brought any good news for SoundCloud. While their financial report from 2015 which surfaced earlier this year indicated a staggering loss of €51.22m, the future of the independent music streaming giant currently isn’t looking too bright! And having made major cutbacks earlier this month which involved laying off 40% of its staff and shutting down of offices in San Francisco and London, the Berlin-based company recently cited the controversial decision as a necessary move to ensure long term success.
While it has ideally saved the company enough money to have runway until Q4 which begins in just 50 days, the company’s own employees don’t seem to have any kind of faith left in the company. TechCrunch asked about the morale of the team, to which an anonymous employee of SoundCloud said: “It’s pretty shitty. Pretty somber. I know people who didn’t get the axe are actually quitting. The people saved from this are jumping ship. The morale is really low.”
With SoundCloud’s future rapidly dwindling, stay tuned for the latest updates.
Source: Tech Crunch